The SEC adopted amendments in 2022 to help modernize how information is submitted to the SEC with the issuance of the Final Rule for Updating EDGAR Filing Requirements and Form 144 Filings. 

These amendments include requirements for structured data reporting on Form 11-K that was subject to a three-year transition period and beginning July 11, 2025, filers will be required to submit financial statements, notes and accompanying schedules included within Form 11-K with Inline XBRL.

Tagging requirements

FASB has incorporated specific elements related to employee benefit plans that file financial statements on Form 11-K in the FASB GAAP taxonomies and are included in a separate entry point for the GAAP Employee Benefit Plan (EBP) Taxonomy.  

The elements specific to employee benefit plans can be identified by the terminology containing “employee benefit plan”  in the standard label and by the “us-gaap-ebp” prefix.

The current taxonomy accepted by the SEC for tagging Form 11-K is already available in the Workiva platform and is titled US GAAP EBP 2024 as shown below. We anticipate the US GAAP EBP 2025 taxonomy to be accepted and available in March and we will announce once the new taxonomy is available. 

Important tagging notes

The Legal Entity [Axis] with a plan-specific member is expected to be used on every fact tagged with iXBRL for every Form 11-K filing. The Legal Entity [Axis] is necessary to differentiate between multiple plans and to help facilitate data consumption. The plan-specific members are to be created using a specific syntax starting with “EBP” followed by the Plan Number as shown below: 

Resources

The SEC and FASB have provided the following Fact Sheet, Small Entity Compliance Guide and Taxonomy Implementation Guide as resources:

• Fact Sheet - Amendments to Electronic Filing Requirements
• Update EDGAR Filing Requirements and Form 144 Filings - Small Entity Compliance Guide
• FASB GAAP Taxonomy Implementation Guide - Employee Benefit Plans (Including Defined Contribution Plans Filing SEC Form 11-K)

We are here to help

Since we understand iXBRL tagging for Form 11-K filings will be new for you and your teams, the Workiva Professional Services team will be available for any of your tagging needs.  Should you want to discuss support options available in meeting the upcoming iXBRL tagging requirements, don't hesitate to reach out to your Account Rep, CSM or PSM.